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SMSF professionals could put themselves at risk if they provide any type of advice around a trustee’s investment strategy without a licence, according to DBA Lawyers.
The SMSF specialist law firm’s director, Dan Butler, told SMSF Adviser that the ATO’s recent letter campaign to trustees that were highly invested in leveraged property had brought the issue of investment strategy development to the fore, but that it was important for auditors and accountants in particular to make clear to their clients that they could not advise them on strategy construction.
Read more at SMSFAdviser.